Individual Retirement Account (I.R.A.)

COPFCU IRA Share Accounts is a savings account for IRA funds and is governed by IRA rules and regulations. COPFCU IRA Share Account pays higher dividends then the regular savings account. IRA Share Accounts do not require a minimum balance. There are no fees on this account. Members may also fund their IRA share account through payroll deductions.

IRA Share Certificates

COPFCU also offers IRA Share Certificates. COPFCU offers very competitive rates with maturities ranging from six month to five years. A minimum of $1000 is required on all IRA Share Certificate Accounts. COPFCU is always happy to assist with any IRA transfers from other institutions or rollovers from previous employers' retirement plans.

Traditional IRA's

Traditional IRA's allows members to defer taxes on their earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.

Roth IRA's

Roth IRA's features tax-free withdrawals for certain distributions after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more form a Roth IRA than a traditional IRA. Unlike Traditional IRA's, there is no minimum distribution requirement for the Roth IRA at the age 70 .

Coverdell Education IRA's

Coverdell Education IRA's allow after-tax contributions of $2,000 per year for each child until the age of 18. The Coverdell Education IRA is way for parents to save for future education expenses. The Coverdell Education IRA feature tax-free withdraws.

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